Big Lots, which filed for bankruptcy in September, said that it reached an agreement with Gordon Brothers Retail Partners that would keep hundreds of stores open and save thousands of jobs. The transaction will enable the transfer of assets to other retailers and companies.

Big Lots said Friday that it has agreed with Gordon Brothers Retail Partners to sell its stores, distribution centers and intellectual property to retailers, including Variety Wholesalers, in an attempt to maintain its brand and secure some outlets and jobs.

Bankrupt Big Lots Inc. has struck a deal to save hundreds of stores after an earlier sale of the business fell apart, saving the chain from closing down entirely.

Big Lots (OTC:BIGGQ) has agreed to a transaction with Gordon Brothers Retail Partners that will facilitate the transfer of a majority of Big Lots' assets to Variety Wholesalers and other parties. Variety Wholesalers,

Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers. Why it matters: The Columbus, Ohio-based company had about 27,